Shares of APL Apollo Tubes opened lower after 38 lakh shares of the company exchanged hands in the block deal window.
The number of shares exchanged amounts to 1.5 percent of the company's total equity. Shares exchanged hands at an average price of Rs 1,620, according to data available on the exchanges.
The value of the total transaction is said to be worth Rs 624 crore. Buyers and sellers in the deal are not immediately known.
CNBC-TV18 had earlier reported citing sources with knowledge of the matter that APL Apollo's promoters are likely to sell some stake in the company via block deals.
Sources had mentioned that the company's promoters were likely to sell 26.3 lakh shares of the company which totals 0.85 percent of the total equity through these block deals.
The base size of the block deal was said to be worth Rs 303 crore with a greenshoe option of Rs 116 crore, sources said.
Based on the June quarter shareholding pattern, APL Apollo promoters held 30.62 percent stake in the company, down from the 31.15 percent stake they held in March.
Shares of APL Apollo may have ended lower on Monday, but have risen 50 percent so far in 2023. APL Apollo shares are trading 2.7 percent lower at Rs 1,623.75.
First Published: Aug 29, 2023 8:05 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM